MoolahSense joins FINTech Innovation Business ASIA 2015
On 2 June, the FINTech Innovating Business ASIA 2015 brought together over 100 retail bankers, technology providers, entrepreneurs and investors to share their expertise on the next generation technologies for innovating financial services and payments. This conference was organized by Inspira Events, in association with KPMG. Organising partners and sponsors include DLA Piper, Equinix, Thomson Reuters, TIBCO, Emerson Network Power and the Singapore FinTech Consortium.
This conference identified the key advances in innovative and disruptive financial technologies, explored the opportunities for banks, financial institutions and other financial service providers. It also has panel discussions that highlighted the critical market development and regulatory issues that Singapore and Hong Kong must address to retain and build on their status as integrated global financial centres and technology innovation hubs.
MoolahSense CEO and co-founder, Lawrence Yong, shared his thoughts on the future direction and best practices in crowdfunding during the panel discussion on expanding the alternative lending market in Asia. He mentioned that in comparison to the UK and US, the crowdfunding market is relatively new and still growing in Singapore. In ASEAN, Singapore has relatively established legal framework and credit infrastructure for peer-to-business lending.
It has been recognised by the panel that banks and alternative lenders should work hand-in-hand to address the funding gap amongst the underserved businesses. While banks have valuable information about SMEs – their financial ability and character, crowdfunding platforms are more efficient in sourcing funds. In addition, crowdfunding has the ability to build a business’ social collateral (brand awareness and reputation), which sets it apart from other means of financial loans. From everyday investors’ point of view, crowdfunding provide them with access to a new asset class with more attractive returns.
In a nutshell, the conference was an eye opener and has brought about many exchanges of insights and ideas. It seems inevitable that with the advancement of fintech today, people are looking for solutions to make their lives better. Therefore, it is of growing importance for banks and financial institutions to center their processes and solutions on it.
Chan Yen, Intern